Bitcoin (BTC) turned deep red today, with its price plunging over 4% to touch the critical $60,000 support level—mirroring last Friday's downturn. The broader cryptocurrency market felt the ripple effects, with many altcoins dropping 10% or more.
Key Factors Behind the Drop
- Mt. Gox Liquidation Fears: Concerns over billions in Bitcoin potentially entering the market from Mt. Gox repayments (scheduled to begin this month) are driving panic selling.
- Technical Support Breakdown: The $60,000 level marks the bottom of a multi-month consolidation range, making it a pivotal price threshold. A sustained breach could signal deeper declines.
Altcoins Defying the Trend
Despite the bloodbath, a few altcoins posted gains in the past 24 hours:
- Worldcoin (WLD): +7.82%
- zkSync (ZK): +6.55%
- Oasis (ROSE): +1.71%
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Top Losers Include ENS and TAO
Hardest-hit altcoins:
- Ethereum Name Service (ENS): -14.04%
- Bittensor (TAO): -13.16%
- Lido DAO (LDO): -11.93%
Technical Analysis: What’s Next for Bitcoin?
- Current Price: Hovering near $60,885 (critical support).
EMA Levels:
- 100 EMA: $63,754 (resistance)
- 200 EMA: $58,260 (strong support)
- RSI at 36: Nearing oversold territory, suggesting potential for a short-term rebound.
Bearish Scenario: Failure to reclaim $63,000 may lead to further drops toward $55,000.
Bullish Case: Holding above the 200 EMA could stabilize prices for a recovery.
FAQ Section
Q: Why is Bitcoin crashing?
A: Mt. Gox repayment fears and weakened market sentiment are key drivers.
Q: Which altcoins are safest during downturns?
A: Tokens like WLD and ZK showed resilience, but diversification is crucial.
Q: Is $60,000 a good Bitcoin buy zone?
A: Historically strong support, but monitor volume and EMA reactions closely.
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Sources: Golden Finance, FX168. This article is for informational purposes only and does not constitute investment advice.
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